Russian Oligarchs’ Billion Euro Claim: Exploring the Ukrainian Bank Nationalization Dispute under Belgian-Luxembourg Investment Treaty

2023-09-24 06:04:55

Four Russian oligarchs are demanding nearly a billion euros from the Ukrainian government, under a Belgian-Luxembourg investment treaty. These rich businessmen, close to Russian President Vladimir Putin, say they are harmed by the nationalization, in July 2023, of Sense Bank, formerly Alpha Bank, one of the major banks in Ukraine, reports the Belgian press.

Via the Luxembourg fund ABH Holdings, it was until now owned by Mikhail Fridman, German Khan, Alexey Kuzmevich, Petr Aven, who are on the European sanctions list for active financing of the war.

They now want to resort to the treaty concluded in 1996 between the Belgian-Luxembourg Economic Union (BLUE) and Ukraine to recover their investments, which amount to around 940 million euros. What the green parties in Belgium are opposed to.

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Alexandra Hartman Editor-in-Chief

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